Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Linda asks…

Where do I find the bid history on HUD homes?

How do I find the bid history for a HUD home? Or is this information still even made public?

Your Questions About Foreclosures

The Expert answers:

HUD recently changed over to a new website which is www.hudhomestore.com for all states. They used to go through different agencies like Hooks Van Holm (in my state) and you could look at bid results and bid statistics (history). With this transition to hudhomestore.com, the public is no longer able to see bid history which is a bummer for most of us. It was a nice feature. However, you can contact your real estate agent and they will be happy to tell you what the property sold for once the sale of the property is closed. Not sure if agents/brokers have access to bid history or not, but they will be able to see what it sold for in MLS.

Your Questions About Foreclosures

Thomas asks…

Is there a list of properties that have been HUD homes?

I want to know if my apartment was ever a HUD home. It is in a converted townhouse, so at some point it was one home and is now 2 apartments.

Your Questions About Foreclosures

The Expert answers:

Check out the property history through your property appraiser. It will probably take some digging but all past owners is a matter of public record. If you don’t want to or don’t know how then hire it done.

Your Questions About Foreclosures

James asks…

How do you apply for HUD homes?

I am trying to figure out how the HUD home thing works. I heard they have nice houses, but you have to be on a list or something, how would I do that? and get on that list?

Your Questions About Foreclosures

The Expert answers:

They have a website, google search for HUD in your area and then you can download an application for them and send it in. Some cities have a long waiting list,others have no list.

Your Questions About Foreclosures

Mary asks…

HUD HOMES? Does anyone know the requirements and how to go about getting one?

We live in California, and are looking into getting a Hud home. Not to rent out but to live in. Yes i know you have to do lots of fixing up we don’t care. Has anyone done this? If so would you recommend it, or have anything to watch out for. How long do you have to of held a job? Credit? ect….
we want to buy one.

Your Questions About Foreclosures

The Expert answers:

They usually do not need fixing, not in CA. That was already done.

You need a job for 2 years, low income for the area, good credit, and a HUD approved agent, no other agents can place bids.

Also, you need to be a first time buyer, have proof of funds and preapproval.

HUD only releases 1-2 houses per area at a time, they have LOTS waiting, so if you miss out on one there will be another to fill its place.

Your Questions About Foreclosures

Sandy asks…

How does HUD get REO single family homes?

Reading through the HUD web site I see that HUD homes sold through realtors don’t necessarily qualify for FHA loans, so presumably the buyer shops around for a loan through the usual sources. So how does HUD end up owning these homes after a foreclosure?
As an investor rather than an owner/occupier, can I still bid on single family homes for rental income?

Your Questions About Foreclosures

The Expert answers:

The HUD REO trail goes like this;
Buyer gets a real estate loan through an approved HUD lender. Lender receives an insurance policy from HUD to protect his/her interest. Once the loan has been made, the lender has the right of foreclosure when the borrower/home owner defaults. After the foreclosure process has ended, the lender submits the insurance policy to HUD, together with the foreclosure costs, interest and legal fees, for reimbursement.
HUD reimburses the lender and takes title to the property.
With single family foreclosed homes the Property Disposition Dept of HUD decides whether the home will be sold directly or through authorised agents.
Recent changes to HUD policy means investors in these homes (single family) can bid immediately the property is released for sale, but the owner/occupier bid will always get preference.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures